Research On The Listing Corporation Convertible Bond Issues

As a special financial instruments, convertible bonds allows holders to convert them into stock when some conditions are satisfied. It has the characteristics of both bond and stock,and this gives its unique advantages compared with the pure stocks or bonds.Convertible bond was introduced into our country in the early 1990s, due to its shorter launch time in our country, combined with the macro economic environment is not perfect in our country, the development of convertible bond financing in our country is not yet mature, there are a lot of enterprises in convertible bond issue.Therefore, the study on convertible bond financing problem in China has important significance.This paper based on the listed company, mainly adopts normative research method, first introduced ome research results in convertible bond financing by the domestic and foreign scholars, mainly in the issuance of convertible bonds pricing, motive and effect of these three aspects.And then explains the basic theory of convertible bonds, made clear its meaning, nature, types and characteristics, points out the convertible bonds will influence on the listed companies, and sums up the advantages of convertible bond financing,which includng the ability to raise to more at a lower cost, maintaining price stability, being beneficial to optimize the corporate governance structure, making the issuer in the implementation phase of the use of more flexible means of financing, and so on.Later in this paper, the present situation of the convertible bond financing in our country are analyzed The paper also pointed out the existing problems in convertible bond financing, these problems are caused not only by the listed company itself, but also by the incomplete of convertible bond market environment.To solve these problems, this paper deals with the reason more detailed analysis from the enterprise internal and external.Then this paper use convertible bonds issued by Qingdao beer as specific case, analysis the feasibility of its convertible bond, sums up the reasons for the success and the enlightenment to other enterprises in the market.Finally, to the problems of convertible bond financing issueed by the listed companies in our country,this paper put forward the corresponding solving measures from two aspects of external environment and internal environment.